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EURUSD 5 minute trading
Al says that the minimum scalp on forex is 10 pips. Therefor, the minimum should be that a market should have 10 pips sized bars.
This is not the case in EURUSD 5 minute charts. Bars on this chart hardly are larger than 7-8 pips.
Knowing this, is it safe to assume EURUSD cannot be traded on the 5 minute chart? Am I misunderstanding something?
Thank you for your time.
Thank you for taking the time to respond to my question Richard. You always give great insight.
Over the past few weeks, I've been finding it consistently more difficult to catch a good swing trade on Eurusd. I aim for 30-40 pips. I have been finding that lots of scalps are dominating the market. Sometimes a move over multiple hours only gives 10 pips...
What are your views on using 15 minute charts, instead of 5 minute charts? My reasoning for this is that there would be more pips within each bar.